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Home»Finance»Austria’s RBI more than doubles quarterly profit
Finance

Austria’s RBI more than doubles quarterly profit

February 1, 2023No Comments2 Mins Read
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VIENNA, Jan 31 (Reuters) – Austria’s Raiffeisen Financial institution Worldwide (RBIV.VI), one of many banks in Europe most uncovered to Russia, on Tuesday stated fourth-quarter revenue greater than doubled and that it had “superior” its evaluation of the way forward for its Russia and Belarus enterprise.

RBI has been finding out strategic choices for the enterprise, together with a potential withdrawal, following Russia’s invasion of Ukraine final yr. It has warned that its effort could take a while.

CEO Johann Strobl stated RBI had “superior” its evaluation of the companies there however offered no particulars.

“We function in a beforehand unknown, advanced market surroundings. This consists of ever-changing authorized and regulatory necessities,” he stated.

Consolidated revenue within the quarter was 826 million euros ($897.78 million). That’s up from 317 million euros a yr in the past and higher than the 657 million euros anticipated by analysts. Enterprise from Russia has lifted earnings in current quarters.

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The lender has operated in Russia for the reason that collapse of the Soviet Union.

Its enterprise there, considered one of Russia’s largest banks by property, has contributed closely to the group’s revenue, however due to sanctions, what it earns in Russia stays in Russia.

RBI additionally stated that it could advocate a dividend of as much as 80 cents per share.

($1 = 0.9200 euros)

Reporting by Alexandra Schwarz-Goerlich and Tom Sims, enhancing by Thomas Escritt and Deepa Babington

: .

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Austrias Doubles profit Quarterly RBI
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